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04 Mar, 2016

Riverfront Estate in Eastern Henrico to Hit Auction Block

04 Mar, 2016 - Tranzon Fox

Riverfront Estate in Eastern Henrico to Hit Auction Block

River Oaks, a waterfront property in Varina that’s been in the same family for nearly 50 years, is scheduled to be sold.

It hits the auction block Wednesday, March 16, at 1 p.m. on the site of the property at 1470 Battery Hill Drive off Osborne Turnpike on a bluff overlooking the James River.

“The James provides constant entertainment and beautiful sunsets,” said Donna Deal, who owns the property and surrounding lots with her husband, John, and their daughter and son-in-law. “There is always something to watch and it never gets old.”

“We are the ones who have gotten old,” John Deal said. Now retired and in their 70s, it’s time to move on, the couple said.

The Deals, as a young married couple in 1967, put down $1 and bought a hunting cabin for $20,000 at the site in eastern Henrico County. The cabin was built in the 1920s by Richmond doctors for fishing and hunting red fox, said Linda Terry, the auctioneer with Tranzon Fox in Richmond.

The current house, at 4,289 square feet, was built around the original cabin over the years and includes five bedrooms and three baths. A separate quarters for an office, in-laws’ suite, extended family or a nanny was built in 2000.

It has hardwood floors, a stone fireplace, vaulted ceilings, custom bookcases, exposed timber beams — and 200 feet of riverfront.

The house, along with an adjacent riverfront lot — also with 200 feet of riverfront — and four interior lots will be offered individually and in combinations as bidders request, Terry said.

The house sits on 1.3 acres. A total of 7.7 acres is being offered among all the lots.

“It’s a special property, very well-maintained,” Terry said. “It provides a great way to be part of the commerce going up and down the James River, while being in a secluded, private neighborhood convenient to downtown, Church Hill and the airport.”

The property does not have a dock, but the Osborne Park & Boat Landing is less than a mile from the property, she said. And the Virginia Capital Trail for cycling, jogging and walking is nearby.

The house and 1.3 acres appears on the multiple listing service for $660,000 as a way to promote the auction and to let real estate agents know that the commission will be shared, Terry said. The adjacent waterfront lot is listed for $185,000.

“The auction route is the best way to offer bidders a choice to buy some or all the lots to prevent development,” she said.

There is no reserve bid, but the best offer is subject to the confirmation of the four sellers. “They are highly motivated,” Terry said. “They are ready to move.”

The property will be open for inspection Sunday, March 6 from 2 to 4 p.m. and Wednesday, March 9 from noon to 2 p.m.

 

About Tranzon:  Tranzon is one of the largest real estate auction companies in the country, with 30 offices coast-to-coast.   Tranzon’s accomplished auction professionals are widely recognized as leaders in the auction industry, and have conducted auctions in 48 states and the District of Columbia, selling billions of dollars in total asset value.  All Tranzon companies are independently owned and operated.

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